Industrial cybersecurity startup Claroty Ltd. today announced that it has raised $100 million in strategic growth financing to scale up its platform’s approach to cyber-physical systems protection, global expansion, research and development, and to expand existing strategic partnerships.

Founded in 2015, Claroty offers an industrial cybersecurity solution designed to empower organizations to secure cyber-physical systems across industrial, healthcare, commercial and public sector environments — collectively, what some call the extended internet of things. The platform connects with customers’ existing infrastructure and programs while providing a full range of industrial cybersecurity controls for visibility, threat detection, risk and vulnerability management.

The Claroty platform is tuned to cater to the highly specialized requirements of industrial infrastructure such as factory control systems covering three main uses — finding vulnerable devices, detecting malware and allowing administrators to access industrial hardware securely over the network.

Another area of focus for Claroty is simplifying the task of connecting to industrial equipment. Legacy systems require administrators to log into industrial systems frequently in order to perform maintenance tasks such as troubleshooting.

However, access to sensitive systems is often isolated from the rest of the network and can only be accessed through a jump server — a server that acts as a tunnel between the less sensitive part of an industrial company’s network and the high-priority isolated parts. Claroty’s platform negates the need for a jump server to make secure connections to industrial equipment, simplifying the connection process.

With a simplified way of connecting to industrial systems, Claroty has found a willing audience. The company says it’s now working with 20% of the Fortune 100. Claroty surpassed $100 million in annual recurring revenue in 2023 and has seen 300% growth in customers since 2020.

The company also has strategic technology alliances with companies including CrowdStrike Holdings Inc., ServiceNow Inc., Amazon Web Services Inc., IBM Corp., Rockwell Automation Inc., Schneider Electric SE, NTT Data Corp. and eSentire Inc..

“The past year has brought unprecedented geopolitical, macroeconomic and regulatory changes that have created new trends and challenges for those charged with protecting the world’s critical infrastructure,” Chief Executive Yaniv Vardi said in a statement. “With our deep domain expertise, unmatched technological capabilities in our comprehensive platform, and extensive partner ecosystem, Claroty is uniquely equipped to help CPS defenders navigate these changes.

Delta-v Capital led the growth financing round, with AB Private Credit Investors at AllianceBernstein, Standard Investments Ltd., Toshiba Digital Solutions Corp., SE Ventures LLC, Rockwell Automation Inc. and Silicon Valley Bank Inc. also participating.

Including the new funding, Claroty has raised $735 million to date, including rounds of $400 million in December 2021 and $140 million in June 2021.

Image: Claroty